My. Starbucks Q3 Fiscal Year 2022 Earnings Conference Call. Just to give you a few data points, we hired a record number of partners this fiscal year thus far. SBUX Earnings Date 2022 | Starbucks Earnings Forecast - MarketBeat Your next question comes from Peter Saleh with BTIG. We are being warmly welcomed in Italy, the country in which our Starbucks journey literally began. We streamlined the hiring process and put this in place in record time for our individual markets. Store development will continue to fuel the growth for Starbucks China, and we'll continue to expand our retail footprint in a strategic and disciplined way. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. This conference call will include forward-looking statements, which are subject to various risks and uncertainties that can cause our actual results to differ materially from these statements. To receive notifications via email, enter your email address and select at least one subscription below. Hi. Your next question comes from Lauren Silberman with Credit Suisse. The GAAP measures most directly comparable to non-GAAP G&A, non-GAAP operating income, non-GAAP operating income growth, non-GAAP operating margin, non-GAAP effective tax rate and non-GAAP earnings per share are general and administrative expenses, operating income, operating income growth, operating margin, effective tax rate and diluted net earnings per share, respectively. QQQ 264.68. And that gives us a real outlook that as travel continues, there's more growth ahead in these regions. But when you look at it across all categories, espresso, brewed coffee, refreshers, all those were strong double digit in the quarter. Despite the COVID headwinds, we remain on track to operate 6,000 stores by the end of this year. No login or account required. SEATTLE--(BUSINESS WIRE)-- But most importantly, traffic in our Italy retail stores is largely local customer driven. Stock Advisor list price is $199 per year. I will then turn the call over to Frank Britt, our chief strategy officer, to provide an overview of our reinvention plan, the strategy underpinning the investments we are making to materially elevate our partner, customer and store experiences. A replay of the webcast will be available until end of day Friday, September 2, 2022. Mobile ordering sales mix increased to a record high 47% in Q3, up 13% over prior year and up 4% over Q2 as we adapted to COVID-driven changes in customer behavior. As both Howard and Frank discussed, we are singularly focused on executing the reinvention plan. International licensed store revenues, total net revenues, product and distribution costs, other operating expenses, general and administrative expenses, total operating expenses and operating income for the quarter and three quarters ended June 27, 2021, have been restated to conform with current period presentation. Lauren Silberman -- Credit Suisse -- Analyst. Thanks so much. So thank you. Our stores, in many ways, are windows on America. I was hoping, Howard, you could provide a little bit more context or color on this. U.S. company-operated stores delivered record average weekly sales, five of the top 10 grossing sales day in our history and a $410 million sales week. The strong revenue growth we delivered in North America in Q3 is being replicated globally. Similar patterns remain today with COVID restrictions being eased in some cities and new restrictions imposed in others. As a result, China's same-store sales plunged 44%. Certain statements contained herein and in our investor conference call related to these results are forward-looking statements within the meaning of applicable securities laws and regulations. Yeah. We have clear line-of-sight on what we need to do to reinvent the company, elevate our partner and customer experiences and drive accelerated, profitable growth all around the world, said Howard Schultz, interim chief executive officer. Starbucks (SBUX) Q3 2022 earnings beat estimates - CNBC Thanks, Howard, and it's a pleasure to be here and joining Starbucks. Discounted offers are only available to new members. We continue to put our partners first, ensuring their safety and well-being and compensating them fully even when our stores were closed. Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factors discussed in our filings with the SEC, including our latest annual report on Form 10-K and quarterly report on Form 10-Q. Vous pouvez modifier vos choix tout moment en consultant vos paramtres de vie prive. Earnings Release (opens in new window) PDF 344 KB Transcript (opens in new window) PDF 337 KB. And what we saw is our SR members had a higher member spend, all-time high. Although measurable benefits of the reinvention plan investments will begin to manifest in FY '23, we are encouraged by the investments made so far this year, as we've already experienced increased labor availability and stability, more predictable operating hours, as well as higher partner engagement scores in the U.S. Our tenured partner turnover, those with one to two years of tenure, has also improved, evidence that our targeted investments to address wage compression are making a difference. Related Costs, Transaction and 1 Electric Vehicle Stock to Buy Hand Over Fist and 2 With Serious Red Flags, 4 Huge Social Security Changes Taking Effect in January 2023, Join Over 1 Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. This conference call is being webcast, and an archive of the webcast will be available on our website through Friday, September 2, 2022. The unavailable information could have a significant impact on the companys GAAP financial results. Michael Conway -- Group President of International and Channel Development. Some were a function of not focusing on the long term. That will drive speed of service and, in particular, higher throughput and drive-through. In Q3, China faced its most severe COVID disruption since the onset of the pandemic. And for Q&A, we will be joined by John Culver, group president of North America and chief operating officer; Michael Conway, group president of international and channel development; Deb Hall Lefevre, executive vice president and chief technology officer. This starts with the core engine of production that must be better calibrated for the customer habits of today and deliver superior experiences through personalization across every format and in every channel. Looking ahead, we expect to see a closer Starbucks-Nestle partnership. Specifically, it's pointed at ensuring that we have better uptime in our stores so that the equipment is working and the partners are able to serve the customers and the demand. We don't anticipate store closures will be material in any way. Dies geschieht in Ihren Datenschutzeinstellungen. John, this is John Culver. However, as Belinda will soon share, we are beginning to see green shoots of recovery with sales and comps coming out of the quarter, reflecting sequential improvement. And it's not a question of if. Our loyal Starbucks Rewards members drove a record 53% of U.S. company-operated revenue. We're going to continue to go wide, enter into more new cities. But I think when we talk to our peer group as we have about what they're experiencing, I think they're shocked, stunned that Starbucks continues to create the kind of velocity without any indication whatsoever of customers turning away from Starbucks or most specifically trading down. Just wondering if there's any way to kind of quantify what this current wage increase -- the wage inflation that you have managed and put in place in response to some of the partner issue, but also more so kind of where does this go next? And I look forward to sharing more of that. I am super confident of our potential in China. Strong food attach is a direct result of continued innovation, which resonates with our customers. ET Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: Operator Good afternoon. The coffee giant suspended its fiscal 2022 outlook last quarter, citing the uncertainty caused by Covid lockdowns in China. No one on this call should think whatsoever that there's any risk in terms of this plan not being executed. Can you remind us of the reasons you launched the program at that time? Starbucks (NASDAQ:SBUX) reported its Q3 earnings results on Tuesday, August 2, 2022 at . We have warming oven upgrades going on to our current ovens. In the first quarter of fiscal 2022, the company changed its treatment of removing certain integration costs related to the acquisitions of Starbucks Japan and East China for its non-GAAP financial measures. Yeah. Compelling growth in our U.S. licensed store business also contributed to the segment's strong revenue performance. Earnings. Cold, obviously, was the biggest contributor. The growth was partially offset by an 18% decline in comparable store sales, reflecting the severe impacts of COVID lockdowns across China, as Belinda noted. Just wondering your thoughts in terms of whether that leader will have the ability to perhaps blaze a different path than that laid out at the Investor Day. Adjustments were determined based on the nature of the underlying items and their relevant jurisdictional tax rates. And so what you should expect from us in the months and quarters ahead is a greater opportunity to personalize the experience for Green Aprons to meet them where they are. But we're actually seeing our transactions improve versus prior year. Our partners also shared how hard it had become to keep up with customer demand and how insufficient training had left new partners unprepared for their roles, challenging partner and customer experiences alike. Asia Pacific, also very strong strength, double-digit revenue growth. Each business segment contributed to our Q3 performance. We assembled our 200 top U.S. executives in Seattle last month to kick off Starbucks reinvention and change agenda. Thank you so much. Our creative innovation approach has led to successful beverage and food pairings, fueling food attach and driving daypart growth. Just to summarize what's going on with cold and specifically customized beverages. We know based on data across our more than 9,000 U.S. company-operated stores that stores with lower turnover and higher partner engagement tend to have better operational and financial metrics relative to their peer set, often leading to better overall customer connection stores. For non-GAAP financial measures mentioned in today's call, please refer to our earnings release on our website at investor.com -- investor.starbucks.com to find a reconciliation of those non-GAAP measures to their corresponding GAAP measures. You should not place undue reliance on the forward-looking statements, which speak only as of the date of this release. Starbucks is built through the power of our partners' ideas and voices, and we know that reinvention must first unleash and then harness the power within every one of our partners. And then equally on the back of the house is the automated ordering. But what I can say is of the wage investments that we've taken in of our broader investments overall, as you know, it's an incremental $1 billion this year, largely related to wage but in addition to that, more training hours, more labor hours to be able to support some of our production. Starbucks Reports Q3 Fiscal 2022 Results 08/02/22 Consolidated Net Revenues Up 9% to a quarterly record $8.2 Billion Q3 Comparable Store Sales Up 3% Globally; Up 9% in the U.S. and Up Double Digits Internationally, ex-China Q3 GAAP EPS $0.79; Non-GAAP EPS of $0.84, Driven by U.S. Operating margin of 40.0% contracted from 52.2% in the prior year, primarily due to lapping Global Coffee Alliance transition related activities and a decline in our North American Coffee Partnership joint venture income, largely due to inflationary pressures as well as business mix shift. In closing, here are key takeaways for my discussion today. Comparable store sales exclude the effects of fluctuations in foreign currency exchange rates and Siren Retail stores. In July, we committed to a planned expansion that will materially increase our roasting capacity in order to meet the rapidly growing demand for Starbucks coffee across the region. Management excludes restructuring and impairment costs relating to the write-down of certain company-operated store and corporate assets. In Starbucks' home market, same-store sales increased 9%, driven largely by higher average order totals, as well as a 1% uptick in traffic. Starbucks Q3 earnings beat expectations [Video] - AOL We saw strong sales growth across every major market in the segment outside of China and increased our net new store count by 8% over the last 12 months. This has been enabled. Starbucks on Tuesday reported better-than-expected quarterly earnings and revenue, fueled by demand in the U.S. for its cold coffee drinks. And that could include a whole variety of things from new services, new types of flexibility, new types of credentialing models, new types of training notions and just moving us away from a one-size-fits-all approach to meet people where they are in their lives, the same way we've done it so well with our customers. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. Now moving on to the balance of fiscal year '22. I would like to welcome everyone to Starbucks third quarter fiscal year 2022 conference call. The second piece as related to day parts, we are seeing morning continuing to grow in the quarter, represented 51% of our sales, which is beginning to return to normal. And I think the work that we're doing on the partner side -- what we haven't said is there is a direct correlation with the investments we're making with our people and retention. But I'm pleased to report that we saw immediate improvement in traffic and sales following Shanghai's reopening in early June, saw steady sequential improvement in both metrics through the month and exited the quarter with a negative comp of 24% after indoor dining restrictions in Shanghai were partially lifted at the end of June. We're very bullish on our business right now just in terms of the overall growth prospects and the number of customers that are walking in our doors each and every day. New items, including our Lime-Frosted Coconut Bar and staples such as the Grilled Cheese Sandwich, both performed well. shares outstanding - diluted, Store operating expenses as a % of company-operated store revenues, Effective tax rate including noncontrolling interests, As a % of North America It's an extraordinary accomplishment, reflecting both the strength of the Starbucks brand and strong and accelerating demand for Starbucks coffee all over the world. But I'll turn it over to Frank for a little bit more color. 206-318-7100. At the end of Q3, stores in the U.S. and China comprised 61% of the company . Building on our strong track record of superior customer engagement, representative initiatives in this sphere included a reimagined approach for customer-facing products and platforms, new models of effortless digital ordering and further growing the value proposition of our loyalty programs through novel and new strategic partnerships. So they are seeing the resilience of the brand, and they're investing in stores, particularly stores like drive-through where we're seeing outsized growth. Net earnings attributable to Starbucks decreased 21% to $913 million while EPS dropped 18.6% to $0.79. The Motley Fool has a disclosure policy. David, this is Rachel. Mobile Order & Pay, drive-through and delivery also remained quite strong, driving 72% of our U.S. revenue. The company's financial results and long-term growth model will continue to be driven by new store openings, comparable store sales growth and operating margin management. Is it just a return to normal from a customer side? As a reminder, Starbucks 2022 Investor Day will be held on Tuesday, September 13, 2022. So we feel we're on the right path. But the core question is actually on China. To start, for the U.S. company-owned retail business, we will focus on better integrating our culture and values across the three cohorts of our retail partners, operations partners and support center partners. Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. In a few minutes, Frank Britt, a key architect of the plan, will provide you with an overview so you can begin to understand how accretive each pillar of the plan will be to our business and brand long into the future. The first just relates to the new CEO. with unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.this company could rival or surpass other recent. And I think for me, there's no doubt that the morning daypart is going to come roaring back. Now clearly, the composition of customer visits have shifted versus what we saw in pre-pandemic. Our commitment to deliver shareholder value has not wavered, and we are making the right decisions and investments today for the future of Starbucks, balancing the value we create for all stakeholders. Here's what investors need to know about the announcement. And if I can sneak one more in for Belinda. Additionally, we remain committed to sustaining an attractive dividend and continue to target an earnings payout ratio of approximately 50%, which is near the top end of growth companies of our size and scale. So firstly, is there a plan? Our Q3 performance underscored continued strength in customer demand for Starbucks coffee across the globe balanced with our ability to execute investments despite macroeconomic and operational headwinds. [Operator instructions] I will now turn the call over to Tiffany Willis, vice president of investor relations. The acquisition closed on August 1, 2022. ET. Spain's Abengoa wins dismissal of U.S. shareholder lawsuit alleging fraud. Lastly, we have been working on a very exciting new digital initiative that builds on our existing industry-leading digital platform and innovative new ways, all centered around coffee and, most importantly, loyalty that we will reveal at Investor Day. On a year-over-year basis,. We were in a moment where Starbucks leaders needed to put themselves in the shoes of our partners and demonstrate great empathy and compassion toward them, and we needed to address our partners' concerns with urgency. The investments we're making to elevate our customers' digital experience and strengthen their digital connection to Starbucks are paying off. Comparable store sales exclude the effects of fluctuations in foreign currency exchange rates, stores identified for permanent closure and Siren Retail stores. Our acceleration of long-term growth is rooted in our ability to execute against our reinvention plan, and we're looking forward to sharing details and providing a comprehensive update on our business outlook for FY '23 and beyond at our Investor Day in September. That's right -- theythink these 10stocks are even better buys. Thank you. And what we're seeing is really a change. Generally speaking, we see single transactions in those channels with a much higher ticket, which has translated into higher ticket for the quarter. In every country we visited, we were inspired by what we heard, felt and observed. With that, we will open the call to Q&A. We look forward to sharing more details on our Investor Day in September. Since its announcement in May, the company has worked with its licensed operator to exit its business and brand in Russia and to support the nearly 2,000 green apron partners in Russia, including pay for six months and assistance for partners to transition to new opportunities outside of Starbucks. Appreciate all the color and the update. Sie knnen Ihre Einstellungen jederzeit ndern. Performance and Global Demand Outside of China, Active Starbucks Rewards Membership Up 13% in the U.S. in Q3 to 27.4 Million Members. In addition to the GAAP results provided in this release, the company provides certain non-GAAP financial measures that are not in accordance with, or alternatives for, generally accepted accounting principles in the United States. The second data point as it relates to unique customer visits, and this gets to more customers coming in our stores, our unique customer visits were up 6% versus last year and up 9% versus last quarter. We currently have those in 38% of our stores. It shouldn't rain. But first and foremost, it's about the Mastrena 2s and getting the Mastrena machines out. Increased Starbucks Rewards membership, customer excitement over our beverage and food offerings plus a fantastic holiday lineup that I'm certain will delight our customers gives us tremendous confidence heading into holiday and 2023. 3 min read Starbucks ( SBUX) posted its fiscal third quarter earnings Tuesday after market close that mostly beat Wall Street expectations as the company navigated. Thank you, Howard, and good afternoon, everyone. Certain non-GAAP measures included in this report were not reconciled to the comparable GAAP financial measures because the GAAP measures are not accessible on a forward-looking basis. Our path forward is being informed by tens of thousands of daily customer experiences and our partner stories, ideas and dreams that have all helped shape over the past several months through on-hand collaboration sessions, digital surveys, live open forums and in direct dialogue with our key leaders. Starbucks' Dividend Yield Is Near an All-Time High. Contact Information and Shareholder Assistance, https://www.businesswire.com/news/home/20220802005158/en/. And then related, I believe Starbucks Rewards was launched back in 2008. Obviously, we continue to make investments in our people, both from a wage, as well as from a training standpoint. Operating income decreased to $135.3 million in Q3 FY22 compared to $327.3 million in Q3 FY21. Corporate and Other primarily consists of our unallocated corporate operating expenses and Evolution Fresh. Thanks. And in Japan, our third largest market globally, the comps accelerated to their strongest point this year. The firm had revenue of $7.50 billion for the quarter, compared to the consensus estimate of $7.26 billion. And within Asia, we had Korea that hit 1,700 stores this quarter. Our loyal Starbucks Rewards members drove a record 53% of US company-operated revenue. Our strong growth was driven by double-digit revenue growth in the U.S., as well as nearly all major markets and channels across our global portfolio, partially offset by a 40% decline in China revenue. So we're seeing an increasing engagement from our Rewards customers. Deb Lefevre -- Executive Vice President, Chief Technology Officer. Operating income increased to $1,330.1 million in Q3 FY22, up from $1,304.3 million in Q3 FY21. Starbucks Corporation (SBUX) Q4 2022 Earnings Call Transcript Thank you. And then finally, travel is slowly starting to return, specifically within the regions, but also we're starting to see across regions. Job No. And then just a couple more data points I would add to this is, first off, our average weekly sales are at an all-time high. This will create an entirely new set of digital network effects that will attract new customers and be accretive to existing customers in our core retail stores. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Thank you. This is lower than the previous year's $1.15 billion or 97 cents per share. Sign up for free newsletters and get more CNBC delivered to your inbox. ET Contents: Prepared Remarks Questions and Answers. Thank you so much, and we'll see you September 13. Nestl transaction and integration-related costs. These items can be accessed on the company's Investor Relations website during and after the call. International is not to cover off the ball, and no one's asked Michael Conway a question. That will share perspective on FY '23, as well as a longer-term time period. Thank you. The company uses its website as a tool to disclose important information about the company and comply with its disclosure obligations under Regulation Fair Disclosure. Global comparable store sales increased 3%, driven by a 6% increase in average ticket, partially offset by a 3% decline in comparable transactions, North America comparable store sales increased 9%, driven by an 8% increase in average ticket and a 1% increase in comparable transactions; U.S. comparable store sales increased 9%, primarily driven by an 8% increase in average ticket, International comparable store sales decreased 18%, driven by a 15% decline in comparable transactions and a 4% decline in average ticket; China comparable store sales decreased 44%, driven by a 43% decline in comparable transactions and a 1% decline in average ticket, The company opened 318 net new stores in Q3, ending the period with 34,948 stores globally: 51% company-operated and 49% licensed, At the end of Q3, stores in the U.S. and China comprised 61% of the companys global portfolio, with 15,650 stores in the U.S and 5,761 stores in China, Consolidated net revenues up 9% to a quarterly record $8.2 billion, including a 2% adverse impact from foreign currency translation, GAAP operating margin of 15.9% decreased 400 basis points from 19.9% in the prior year, primarily driven by inflationary pressures, investments in labor including enhanced store partner wages as well as sales deleverage related to COVID-19 restrictions in China, partially offset by pricing in North America and leverage across markets outside of China, Non-GAAP operating margin of 16.9% decreased from 20.4% in the prior year, GAAP earnings per share of $0.79, down from $0.97 in the prior year, Non-GAAP earnings per share of $0.84, down from $0.99 in the prior year, Starbucks Rewards loyalty program 90-day active members in the U.S. increased to 27.4 million, up 13% year-over-year.
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